Posts tagged albemarle county assessments

Showed Houses in Charlottesville Last Week -or- Why AVMs Suck

Zillow hasn’t been in the three townhomes in another neighborhood in Charlottesville , one of which needs to be gutted, one with a moist basement and mold coming on a piece of ceiling hanging from the bathroom and another one that absolutely needs to be taken to the studs.

…The product of an automated valuation technology analysis, public record data, and computer decision logic combined to provide a logical calculated estimate of a probable selling price of a residential property. … An AVM typically includes:   â–ª An indicative market value for many residential properties nationwide.   â–ª The Tax assessor’s indication of value, if available.   â–ª Information on a subject property and recent sales history.   â–ª Comparable Sales analysis of like properties.

…Cyberhomes puts it at $184,842 , the price range is $166,357 – $212,568: – You have to agree to have a Realtor contact you to provide the report.

Read More

When Evaluating the Charlottesville Real Estate Market, IGNORE National Data

Take your lede : – Home sales up 14% in Charlottesville and Albemarle year over year. – Home sales up 19% in Charlottesville MSA year over year. – Foreclosures continue to climb in Charlottesville and Albemarle. – Questions abound regarding second half of 2010; where will we find the bottom of the market? – If you have questions about or would like more detailed analysis, please contact me.

…Simple (though notsoumuch in reality) What I’m reading: – Harvard’s State of the Nation’s Housing Market (PDF) and listening to an excellent podcast with Nicholas Retsinas , Director, Harvard University’s Joint Center for Housing Studies . (did you know that there was an exhibit at the Smithsonian on McMansions ?) – Core Logic’s Home Price Index Report for April 2010 – Virginia’s Housing Price Index, for single family homes year-over-year, is up 6.5%; for single family homes excluding distressed properties, is up 3.6%. Virginia is one of the five best states for year-over-year price appreciation excluding distressed sales .. but mostly that’s irrelevant in my opinion as the bulk of those sales are most likely comprised of Northern Virginia sales. – The Federal Housing Finance Agency’s House Price Index for First Quarter 2010 The FHFA (formerly OFHEO) say that in the Charlottesville MSA house prices have dropped 6.98% year over year, 1.86& in the 1st Quarter 2010, and have appreciated 12.68% over the past 5 years .

… Home Sales are Up 19% year over year in the Charlottesville MSA: Sales are up in Charlottesville MSA Year over year.jpg Homes sales are UP 14% in Charlottesville and Albemarle : Home Sales UP in Charlottesville and Albemarle - 2010 versus 2009.jpg One point: Charlottesville’s Unemployment is lower than the national average. Charlottesville's Unemployment is lower than the national average. Prime example of the irrelevance of national, aggregate housing data, which is good only for political talking points and respective agendas: Foreclosure starts for the nation and Charlottesville and Albemarle: National foreclosure data, courtesy of the HUD Scorecard, using RealtyTrac data: National Foreclosure data - Mildly irrelevant For Charlottesville, using RealtyTrac : Charlottesville Foreclosure Rate and Foreclosure Activity Information - may 2010 For Albemarle County, using RealtyTrac: Albemarle County Foreclosure Rate and Foreclosure Activity Information - Trends Albemarle County Foreclosure Rate and Foreclosure Activity Information - May 2010 What have median home prices done in Charlottesville over the past five years?

Read More

Weekly Charlottesville Real Estate Market Update – June 1 2010

Look back at the data from the first of the year … analysis of “where we are now” coming soon. It is too soon to pull the data on sold homes in the Charlottesville region via the Charlottesville MLS; usually it takes a few days for all the transactions to be entered.

…Briefly: 1 – If you’re a buyer, be patient and informed. … Number of single family homes put under contract in Charlottesville/Albemarle between 1 May and 31 May: Number of properties put under contract in the Charlottesville MSA between 1 May and 28 May: Real estate prices just for the City of Charlottesville, comparing median prices in the top and bottom quartiles: Real estate inventory just for the City of Charlottesville, comparing inventory levels in the top and bottom quartiles: I’m thinking the dip might have something to do with the homebuyer tax credit.

Read More

Charlottesville and Albemarle Governments Clash. Again.

For anyone interested in a prime example of the City of Charlottesville’s and County of Albemarle’s occasionally dysfunctional relationship, Rachana Dixit and Brandon Shulleeta have great story in today’s Daily Progress . … The clash over money between Charlottesville and Albemarle County is turning into a political civil war, with warnings that each step from here will undermine collaborations that would cut expenses and instead possibly cost taxpayers big bucks down the road.

…Many county officials say it’s unfair that a state formula that determines education funding for localities — based largely on localities’ wealth — fails to account for the revenue-sharing agreement. Bell’s amendment proposal would count the money Albemarle pays Charlottesville toward the city’s wealth instead of the county’s wealth — which would increase state education funding for Albemarle in fiscal 2012 by $2.6 million and decrease Charlottesville’s state education funding by that same amount. …

Read More

The Burden of Proof – Real Estate Assessment Appeals

HB570 is an outstanding bill in the Virginia General Assembly that takes on particular relevance in 2010, with property assessments likely being challenged by some in Charlottesville, Albemarle and surrounding Counties. … It “Changes the burden of proof from the taxpayer to the assessor when a taxpayer appeals the assessment of real property to a board of equalization or to a circuit court.” … The burden of proof shall be upon the assessor when a taxpayer seeking seeks relief to show that because the property in question is valued at more than its fair market value, that the assessment is not uniform in its application, or that the assessment is otherwise not equalized. In order to receive relief, the taxpayer must produce substantial evidence that the valuation determined by the assessor is erroneous and was not arrived at in accordance with generally accepted appraisal practice.

Read More

Albemarle County Assessment Figures Released

Virginia, unlike some other states, by Statute requires localities to assess property at 100% of fair market value, based on an objective analysis of the property’s fair market value, independent of any influence on the part of the County or the County Board of Supervisors. … The average annual reassessment changes for the magisterial districts are as follows: Rio -2.25% Jack Jouett -4.30% Rivanna -2.12% Samuel Miller -3.65 % Scottsville -4.13 % White Hall -3.19 % Town of Scottsville -1.89 % The new assessments will be reflected in the real estate bills which will be mailed in late April, 2010. County officials recommend that anyone who would like more information or who wishes to appeal their assessment to contact the Office of the Assessor in the Finance Department at (434) 296-5856. … If a property owner does not receive satisfaction with this step, further appeal may be directed to the Board of Equalization, which is comprised of Albemarle County citizens who have completed training by the Virginia Department of Taxation and who meet on a regular basis.

Read More